Petrol prices hiked by Rs. 1.34, diesel by Rs. 2.37 per litre

Fuel prices in the country have received yet another hike, as petrol is now costlier by Rs. 1.34 per litre, while diesel has been shot up by Rs. 2.37 a litre. This hike is exclusive of state levies. The updated prices have been made applicable from the midnight of October 15 - October 16, 2016.

After the aforementioned hike, petrol in Delhi costs Rs. 66.05 per litre, while diesel is tagged at Rs. 55.26 per litre.

This is the fourth consecutive scheduled hike made in petrol prices. The last revision was made on October 1, when petrol became dearer by 28 paise, while diesel got a 6 paise cut. A minor hike of 14 paise in petrol and 10 paise in diesel was also made on October 5, due to an increase in dealer commission.

Fuel prices in India have been deregulated to vary in direct proportion to international market trends. State owned subsidiaries like Hindustan Petroleum Corporation Ltd. (HPCL), Oil and Natural Gas Corporation (ONGC), and Indian Oil Corporation (IOC) take into account the international crude oil prices and USD-INR exchange rate, and revise the prices every fortnight on the 16th and 1st of each month.

Source: PTI News